Federated Investors Inc. PA bought a new position in Erie Indemnity Company (NASDAQ:ERIE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,141 shares of the financial services provider’s stock, valued at approximately $466,000.
Other institutional investors also recently modified their holdings of the company. Sandy Spring Bank bought a new position in shares of Erie Indemnity Company during the third quarter worth approximately $184,000. Pacer Advisors Inc. increased its position in shares of Erie Indemnity Company by 7.4% in the third quarter. Pacer Advisors Inc. now owns 2,579 shares of the financial services provider’s stock worth $263,000 after buying an additional 178 shares in the last quarter. Global X Management Co. LLC bought a new position in shares of Erie Indemnity Company during the third quarter worth approximately $291,000. Zacks Investment Management bought a new position in shares of Erie Indemnity Company during the third quarter worth approximately $544,000. Finally, Wells Fargo & Company MN increased its position in shares of Erie Indemnity Company by 2.9% in the third quarter. Wells Fargo & Company MN now owns 6,613 shares of the financial services provider’s stock worth $675,000 after buying an additional 187 shares in the last quarter. Institutional investors and hedge funds own 30.73% of the company’s stock.
Shares of Erie Indemnity Company (NASDAQ:ERIE) traded down 0.25% during midday trading on Friday, hitting $122.53. 5,668 shares of the stock traded hands. Erie Indemnity Company has a 52-week low of $90.28 and a 52-week high of $125.40. The company has a market cap of $6.41 billion, a price-to-earnings ratio of 30.56 and a beta of 0.46. The stock has a 50-day moving average of $121.69 and a 200-day moving average of $112.34.
Erie Indemnity Company (NASDAQ:ERIE) last released its quarterly earnings data on Thursday, February 23rd. The financial services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. The firm earned $379.61 million during the quarter, compared to the consensus estimate of $376.71 million. Erie Indemnity Company had a net margin of 12.38% and a return on equity of 24.48%. On average, equities analysts predict that Erie Indemnity Company will post $4.11 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 20th. Shareholders of record on Wednesday, April 5th were issued a $0.7825 dividend. This represents a $3.13 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Monday, April 3rd. Erie Indemnity Company’s dividend payout ratio is presently 84.59%.
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Separately, Zacks Investment Research raised shares of Erie Indemnity Company from a “hold” rating to a “strong-buy” rating and set a $137.00 price target for the company in a research report on Tuesday, February 28th.
In other Erie Indemnity Company news, Director Robert C. Wilburn sold 2,700 shares of Erie Indemnity Company stock in a transaction on Friday, March 10th. The shares were sold at an average price of $120.16, for a total value of $324,432.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 47.46% of the company’s stock.
Erie Indemnity Company Company Profile
Erie Indemnity Company is a management company. The Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company’s function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.
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